During the current year, merchandise is sold for $6,400,000. The cost of the goods sold is $5,376,000.
Question:
a. What is the amount of the gross profit?
b. Compute the gross profit percent.
c. Will the income statement necessarily report a net income? Explain.
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a 1024000 6400000 5376000 b 16 1024000 6400000 c No ...View the full answer
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